TradersVenue

SHORT HDFCBANK POSITIONAL

Short
NSE:HDFCBANK   HDFC BANK
HDFC bank had a good rally. Stock had moved almost 12.75% from nearest swing point low of 1210. However stock looking weak at top due to profit booking. Its showing 3 black crows kind pattern in HeikinAshi daily charts . Overall banking sector is overbought. RSI is falling. MACD is giving a bearish crossover on daily charts . Stock has been facing strong resistance at 2330 levels which is acting as a supply zone . It would be good time to short HDFCBank with a target of 2269/2231/2200 on positional basis. Since market was bullish its advisable to take the trade through options.

-1x 25APR2019 FUTURES - ₹ 2306.1
-1x 25APR2019 2240PE - ₹ 17
-2x 25APR2019 2400CE - ₹ 13.2
+1x 25APR2019 2320CE - ₹ 36
Max. Profit ₹ +18,375
Breakevens 0-2313.5
Comment: Please find the payoff chart using below link:
http://bit.ly/2K8jMK9
Comment: Disclaimer: Objective of this post is to educate and help all members earn profit from trading. I am not a SEBI registered analyst and strongly recommend people not to trade in NSE/BSE/MCX market basis above recommendations. All the stock picks are momentum picks chosen using technical indicators and for education purpose only. I am not responsible for profit and losses or SEBI audits arising out of the above calls. Stock market trading and investment is subject to market risks. Contact your financial advisor before taking trades or trade at your own risk.
Comment: 2269/2231 two targets met.
Comment: Above spread is running in good, 4800.00 profit. Those traded can book profit tomorrow on decline.
Trade closed manually: Trade closed with 4800 profit manually.
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